Pro Medicus Ltd (ASX: PME) is an Australian healthcare technology company. It develops and sells radiology imaging software used in hospitals and medical imaging centres.

Over the last two years Pro Medicus shares have grown by a massive 255%. 

On one hand you might look at this growth and think you're too late to the party and have missed an opportunity. 

On the other hand, quality holdings can continue to hit record high after record high and a one or two year run could be just the beginning.

Let's look at both sides of the coin. 

Can Pro Medicus continue to soar?

At the time of writing, Pro Medicus shares are trading for $229.89 a pop. This represents a rise of 130.12% in the last 12 months alone and more than 255% in the last 2 years. 

If you put $5,000 into Pro Medicus two years ago, you would now be sitting pretty with $17,765. Or a $12,765 gain. 

Now, anyone fortunate enough to be in that position (or better) shouldn't be criticised for taking profits. 

It seems some may have done just that. PME shares have dipped considerably (more than 20%) since hitting record highs of $297.14 per share back in February. 

This means despite such lofty gains over the last couple of years, right now could be an opportunity to grab shares at a discount. 

Brokers seem to think so, with analysis from Bell Potter suggesting the share price will continue to grow thanks to its competitive advantage and a lack of viable alternatives. 

According to Bell Potter, the PME full stack solution continues to wipe the floor with competitors. 

We see no stopping the current momentum in new contract wins with margins more likely to grow as hospitals begrudgingly adopt the Visage despite its premium price, due to the absence of any viable alternative to meet productivity requirements.

The broker recently upgraded its price target for PME to $330.00 per share, which indicates more than a 40% upside. 

Key takeaways from recent results

What about the future? Its recent half year results last month showed the company is well placed after seeing record growth in revenue (up 32.15%) and net profit up 42.7% to a record $51.7 million.

The Motley Fool's Bernd Struben reported earlier this week one expert saw these results as a reason to buy the dip after the recent selloff.  

Furthermore the company continues to expand into the US, and invest heavily in AI technology which bodes well for its potential in terms of growth potential. 

Could the bubble burst?

Of course buying shares in a company that has skyrocketed over the last two years like Pro Medicus can be daunting. 

It's possible the future growth that many have predicted is already baked into its current share price, and investors have overvalued this tech stock. 

Its lofty price to earnings ratio of 238 could also be a red flag for some. 

Another option for investors who are looking to dip their toe in the water could be an ETF like Betashares S&P ASX Australian Technology ETF (ASX: ATEC). It tracks the performance of the S&P/ASX All Technology Index and includes a weighted holding of 9.5% in PME. 

Of course, you need to consider if you want exposure to this sector, and the other holdings of the portfolio. 

But it could provide exposure to Pro Medicus stocks with a safety net if you believe a significant drop off is one possibility, but want to catch some of the gains should it continue to rise.